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May 01

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Weekly review

This week: Administrators announce permanent closure of Oasis & Warehouse. Airline industry are cutting 1000s jobs as they see a long road back to 'normal'

Airline industry cutting jobs, as they see a long road back to 'normal' demand.

Airline industry cutting jobs

Ryanair is planning to cut 3,000 jobs and reduce pay by up to 20% as coronavirus grounds flights. This 15% cull of its 20,000 workforce, that will mostly affect mostly pilots and cabin crew, is in response to the COVID-19 crisis as they did not expect passenger numbers or pricing to return to pre-existing level until at least summer 2022.

Michael O'Leary, Chief executive took a 50% pay cut in April and May and has now extended this until the end of March next year. Mr O'Leary said a package of measures, which include unpaid leave for staff, represented the "minimum to survive the next 12 months". The company is expecting to report a net loss of more than €100m (£87m) for the first quarter of 2020

British Airways is also set to cut jobs. A cut of up to 12,000 jobs from its 42,000 workforce due is expected to be confirmed. The company has said it needed to impose a "restructuring and redundancy programme" as the company has said it will take several years for air travel to return to pre-virus levels, a warning that has been echoed by many airlines across the world.

Read more here:
https://www.itv.com/news/2020-05-01/ryanair-announces-up-to-3-000-job-losses-across-pilots-and-cabin-crew/


Administrators announce permanent closure of Oasis & Warehouse resulting in a further 1800 job cuts.

Administrators announce permanent closure of Oasis & Warehouse stores.

Deloitte, the Administrators for Warehouse and Oasis, have today confirmed that none of the high street clothing stores will re-open once the coronavirus lockdown ends. This will result in the loss of a further 1800 jobs, which comes on top of the initial 200 lost when the company entered Administration on the 15th April. The Warehouse and Oasis stores had been struggling for some time, and the Administrators have confirmed the not only will stores close indefinitely, but also all online sales will be stopped.

Oasis and Warehouse had just over 90 standalone branches with another 437 concessions in department stores across the UK, including Debenhams which itself went into administration earlier in the month.

Joint Administrator Rob Harding commented: "Covid-19 has presented extraordinary challenges which have devastated the retail industry. It is with great sadness that we have to announce a sale of the business has not been possible and that we are announcing so many redundancies today. This is a very difficult time for the group's employees and other key stakeholders and we will do everything we can to support them through this. We would like to thank all the employees and other key stakeholders in the group for their continued support."


Read more here:
https://www.drapersonline.com/news/oasis-and-warehouse-group-to-cease-trading/7040297.article



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